29 Blockchain and Cryptocurrency terms

Blockchain and Crypto terms

Wallet

Cryptocurrencies and crypto exhanges all have a wallet. A wallet comes in the form of software, hardware, paper wallets, and exchange wallets.

Asic

Application specific integrated circuit. Asic is a mining term refering to the Asic miners on the market. Predominantly sold by Asic mining giant which sells Bitcoin, litecoin, dash, and other miners. These miners can only mine the specified coins which is why they are Asic.

Block

Blocks of data copied and recorded on the blockchain.

Blockchain

A distributed shared ledger.

Cryptocurrency

A digital asset representation. Cryptocurrencies are not necessarily currency but a reference to the underlying technology or company that has built the specified cryptocurrency for specified reasons, such as shares, utility, voting, etc.

DAPP

Decentralized application which is open source and operate autonomously

DAO

Decentralized autonomous organization which is free from human interaction. DAO’s operate on their own following a set of rules.

Fork

A different version of a blockchain which runs simultaneously on different parts of the network. There are softforks and hardforks.